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Agricorp, a Nigerian tech-enabled spices exporter, has raised USD 17.5 Mn in Series A funding to help it expand its production capacity to 7,000 metric tonnes. The Nigeria-based Vami led the funding round with USD 11.5 Mn in equity, while One Capital LLC and AFEX provided working capital financing for the company.
The startup has developed proprietary technology, Farmbase, that registers, aggregates, and pays farmers for produce sold. Agricorp collects data to help stakeholders make informed agricultural decisions by providing a detailed analysis in a market where farmers are largely undocumented and unbanked. It also aids traceability of all farmer activities, from farm input to disbursement to product sales and payment.